Barnes & Noble's signs new lease at Citigroup Center

Real Estate Weekly, March 28, 2001

Barnes & Noble is making a longterm commitment to CitiGroup Center for a 39,640 SF multi-level store in the signature retail space of the east side trophy building, according to Robert K. Futterman, CEO of Robert K. Futterman & Associates (RKF).

Barnes & Noble had previously taken over the remaining three-year balance of Conran's lease for the space and, based on the success it achieved, is now renewing for another 20 years at the same location.

"The brief experience with this midtown flagship store has demonstrated that CitiGroup Center -- with its excellent transportation access and high volume of office workers, shoppers and visitors -- is a superb location for a thriving book store like Barnes & Noble," Mr. Futterman, who represented Barnes & Noble, said.

Mr. Futterman noted that rents for big box retailers leasing some 40,000 SF of space or more in similar high traffic locations average in the $35 range.

Based in New York, RKF is regarded as the premier real estate specialist in the industry. The firm exclusively represents more leading retailers, developers and institutions in the New York Metropolitan area than any other real estate company. RKF is currently marketing many of the region's highest profile sites and controls the leasing of more than 90% of the new construction in the city as well.

RKF offers sophisticated leasing and investment sales services and its team of 20 real estate professionals consistently ranks as the top performer in the industry. Since 1998, RKF has concluded in excess of $500 million in aggregate transactions.